The second-hand car market has been expanding rapidly in India. Those having a limited budget but want to experience the comfort of traveling with premium quality cars are showing more interest in second-hand cars. In 2019, the used car market in India was valued at USD 24.24 billion, and it is expected to register a CAGR of 15.12% during the forecast period 2020-25. As the Indian auto industry is shifting to BS-VI standards, the price of new cars will definitely surge which means the demand for second-hand cars will rise. Old cars are a good way to fulfill the dream of having a car because these cars can fit your budget and lifestyle. When shopping for a new car can give you a shock, it does not indicate that you have to stick to your present car. You can always sell your car and own another secondhand car.
Follow this Step-by-Step Guide to Buy Used Car Online
If your present car is not working, used cars are an affordable way of making an upgrade. Even if you are going to buy the first car of your life, the second-hand car market has many options for you:
1. Find out your budget for a used car
Before you shop for your next car, you should decide your budget. When you first set your budget, you can begin a car shopping journey for avoiding payments that you cannot afford. Good advice is that not more than 15% of the monthly expenses should be spent on transportation. So, your budget for a used car should reduce your transportation cost and must be within your affordability bracket.
2. Get preapproved financing
Once you have decided on the budget, you must start thinking about the loan process. The loan principal should be finalized on the basis of your income. To find how much used car loan you can afford, take the help of the vehicle price EMI calculator. Calculation of EMI will directly help you to fix the used car price for you. You should also get the loan preapproved after you have decided the amount that you want to borrow.
3. Find the right vehicle
After you have found out your budget and have also prequalified for loans, you should research the car that is right for you. You can research popular car models by reading their reviews and ratings. Even other factors like Kms driven, year of manufacture, body type, vehicle condition, etc., will help you to shortlist the right pre-owned vehicle.
4. Search used car online
You can search for a used car both online and offline. But, standing in 2021, it is always better to rely online because of its convenience, trust, and time sensitiveness. While searching online, you can narrow down the search of used cars by certain features like make, model, trims, price range, and colors. Tailoring your search indicates that you do not spend a lot of time to get the right car. If you filter out as per your requirements, you get a list of pre-owned cars available for sale along with certified information given by the seller.
5. Consider certified preowned
Buying a certified preowned car in comparison to a non-certified used car offers a lot of benefits. Another advantage is that the vehicle has been inspected by professionals and also given Full Circle Trust Scoreto it, to ensure that you are getting a vehicle in good condition.
6. Look at the car history report
Many pre-owned cars come with a vehicle history report during the sale. The history report shows important details regarding the car’s past, the number of owners, service history, and whether the car has been met in an accident. If you see an accident on the car history report, you must ask the seller dealership.
7. Take the car test drive
The car test drive is vital before buying a car. You can receive a lot of information about the car if you test drive. If you are a buyer, do not feel afraid to test drive the different car trims and models. This shall build confidence that you are making a perfect choice.
Online platforms offer several facilities to users. You also get the opportunity to research in your own way, compare the cars, compare the prices, and do any other activity that provides more information. With all this knowledge, buying the best-used vehicle within your budget becomes easier and faster.